The bill amends the Michigan Education Savings Program Act by updating the definitions and terms used within the act. Key insertions include clarifying the definition of "qualified higher education expenses," which now encompasses expenses for tuition at elementary and secondary schools, in addition to those for higher education as previously defined. The bill also specifies that "qualified higher education expenses" includes amounts paid on qualified education loans and expenses related to apprenticeship programs.

Furthermore, the bill introduces new language regarding the "Michigan education savings program agreement," which is the contract between the program and the account owner that establishes an education savings account. The definitions of "account owner," "designated beneficiary," and "program manager" are also refined to ensure clarity in the roles and responsibilities of each party involved in the education savings program. Overall, these amendments aim to enhance the functionality and accessibility of the Michigan education savings program for families seeking to save for educational expenses.

Statutes affected:
Senate Introduced Bill: 390.1472